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Aston Martin confirms Mercedes-AMG boss Moers to replace CEO Palmer

Aston Martin confirmed on Tuesday that Tobias Moers, CEO of Mercedes-AMG, would become chief executive on August 1, replacing Andy Palmer, who stepped down on Monday. The Financial Times newspaper reported over the weekend that Palmer would step down, before he had been informed. A source familiar with the situation had also confirmed to Reuters the planned move. "The board has determined that now is the time for new leadership to deliver our plans," Lawrence Stroll, Aston Martin Lagonda's Executive Chairman said. The company said Moers, who will be based at its headquarters in Warwickshire, had built a reputation for transforming businesses in tough environments during his 25 years in senior roles at Daimler. Germany's Daimler AG owns a 5% stake in Aston Martin and supplies the carmaker with Mercedes-AMG engines. "Under Tobias’ leadership, Mercedes-AMG has more than doubled its product portfolio and quadrupled the number of AMG units sold, with a clear pipeline of further expansion opportunities, especially in electrification of powertrains in the performance segment," Aston Martin said in a statement. "TobiasÂ’ focus on operating and manufacturing efficiency has delivered significant margin expansion. This strong financial performance was supported by the introduction of a clear brand management strategy, which delivered a measurable increase in brand value and awareness." Aston Martin has seen its share price plummet since floating in October 2018. The 107-year old British luxury carmaker earlier this month posted a deep first-quarter loss after sales dropped by almost a third due to the impact of the novel coronavirus outbreak. "All of my and TobiasÂ’ energy will be dedicated to building on the CompanyÂ’s inherent strengths, its brand, its engineering prowess, and the skills of its people to enable Aston Martin to become one of the pre-eminent luxury car brands in the world," Stroll said. Related video:

Mercedes F1 boss Toto Wolff takes a stake in Aston Martin

LONDON — Mercedes Formula One boss Toto Wolff has taken a stake in British sportscar maker Aston Martin, whose executive chairman Lawrence Stroll runs the Racing Point F1 team, according to company filings. A Mercedes F1 spokesman said Wolff's move was purely an investment on the Austrian's part and would be diluted by a rights issue on Monday from 4.77% to less than 1%. "Fully diluted following the pending rights issue, this investment will represent a 0.95% stake in the company," he added. "It is a financial investment and Toto's partnership and executive role with Mercedes are unaffected by the transaction." Swiss billionaire Ernesto Bertarelli has also bought a 3.38% stake which will be similarly diluted. Wolff previously had a 16% shareholding in former champions Williams but sold that after he joined the Mercedes team, where he serves as principal and owns 30%. Canadian billionaire Stroll, whose son Lance drives for Racing Point alongside Mexican Sergio Perez, is close to Wolff. The Silverstone-based team — to be renamed Aston Martin next year — use Mercedes engines and gearboxes. Mercedes-Benz's parent Daimler also has a small stake in Aston Martin. "It's clear that Aston are now Mercedes' B team," the Daily Mail quoted one Formula One insider as saying. Wolff's future at Mercedes has been the subject of some media speculation, with the 48-year-old linked variously to senior management roles with Liberty Media-owned Formula One and at Aston Martin. His Aston Martin shares were bought from Yew Tree Overseas Limited, a vehicle controlled by Stroll who acquired a roughly 25% percent holding in Aston Martin with a consortium of investors. Mercedes have won the past six Formula One drivers' and constructors' titles but have six times world champion Lewis Hamilton out of contract at the end of the 2020 season, which has yet to start due to the COVID-19 pandemic. Hamilton, who has also been linked to Ferrari, had told reporters before the global crisis changed the sporting and financial landscape that his decision would depend on Wolff's plans. The Briton is now expected to stay at Mercedes, with a radical overhaul of Formula One's sporting and technical regulations postponed to 2022. Related Video: Motorsports Aston Martin Mercedes-Benz

The most or nothing: Mercedes-Maybach S650 Cabriolet pushes the luxury limits

After the introduction of the Mercedes-AMG GT Roadster at the Paris Motor Show this fall, we informed you that Mercedes-Benz has a convertible conundrum, a surplus of drop-tops that seemingly threatens to self-cannibalize within the brand's ever-proliferating lineup. Benz's head of design, Gorden Wagener, who spends much of his time in Southern California, argues it's not a problem: Each convertible, in its ideal construction, would intrinsically vanquish any issues. "The bad is the enemy of the good," he said, not exactly quoting Nietzsche. Now, the three-pointed star brand has upped the top-down ante, with the unveiling this week at the Los Angeles auto show of the Mercedes-Maybach S650 Cabriolet, a vehicle so opulent, it sits in price and position atop the uber-luxury brand's current top-of-the-line offering, the $247,900 Mercedes-AMG S65 Cabriolet. View 24 Photos "Mercedes-AMG is our performance brand so it's all about performance stuff," says Wagener in a one-on-one interview on the roof of a Beverly Hills mansion just before the new car is unveiled. "Of course, Maybach has power, too, but it's the ultimate in luxury. So it's more on that side. And for me in the interior, it's the haute couture of the automobile, so we tried to up that a little more with details. And on the exterior, it's a more superb appearance up front, more chrome, more rich, and of course we tried to up that branding even more. The S-Class is the best car in the world, we consider, I always thought we could raise the Mercedes brand. And it's the same with the S convertible." Why does Mercedes-Benz need a flagship atop its flagship? Because, when climbing the mountain of automotive luxury there is always the customer who, when he or she reaches the pinnacle, wants more. A car brand, especially one with deep pockets and luxurious heritage like Mercedes, can always further gild the automotive lilies, creating a step up for those for whom the brand's motto, The Best or Nothing, is a literal life credo. "It's always our job to make it better," Wagener says. "Each little detail, the wood, the wood under cover of the cabriolet, the leathers. All the super luxury details that make a luxury car into a super luxury car. The key is to make a modern luxury design and not a traditional luxury design. There is definitely a market for traditional luxury, but we always wanted to have Mercedes, Maybach in particular, as a modern luxury car.